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Risk managers cite growth in liability rates

August 6, 2003 by Canadian Underwriter

Risk managers say costs for directors’ and officers’ (D&O) and pension fund liability insurance are soaring, while property risks are seeing some relief, according to quarterly results of the Risk and Insurance Management Society (RIMS) and Advisen Ltd. “Benchmark Survey”.Fiduciary…

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B.C. forest fires claim 80 homes, sawmill

August 6, 2003 by Canadian Underwriter

Fires that continue to rage through B.C. are making it difficult for emergency crews and adjusters to reach affected areas and thus come up with an estimate of damage.As of the first week of August, about 335 fires still burned,…

News InsuranceMergers and Aqcuisitions

NB strikes committee to look at public auto

August 6, 2003 by Canadian Underwriter

Hot on the heels of a throne speech demanding insurers reduce auto insurance rates in New Brunswick, the provincial Conservative government is striking a committee to review the potential for a public auto insurance system.MLA Elizabeth Weir has been asked…

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Hub acquires CBUS for undisclosed amount

August 5, 2003 by Canadian Underwriter

Hub International Ltd. (TSX: HBG) has acquired all of the stock of wholesale brokerage Cross Border Underwriting Services Inc. (CBUS) from managing general agent (MGA) KRG Insurance Brokers Inc. for an undisclosed amount. CBUS will fall under Hub Group (Ontario)…

News Insurance

Hub 2-Q net earnings flatten on share dilution

August 5, 2003 by Canadian Underwriter

Broker network consolidator Hub International Ltd. (TSX: HBG) increased second quarter revenue by 29% year-on-year to US$74.1 million, while net earnings fell to US$10.1 million for the same period compared with the US$10.7 million reported at the end of June…

News Insurance

Fairfax 2-Q earnings soar on investment boon

August 1, 2003 by Canadian Underwriter

Fairfax Financial Holdings Ltd.’s (TSX: FFH) net earnings rose more than five-fold to $246.2 million for the second quarter of this year compared with the $47 million reported for the same period last year. This equates to earnings of $17.15…

News Insurance

Northbridge gains on underwriting and investments for 2-Q

August 1, 2003 by Canadian Underwriter

Toronto-based Northbridge Financial Corp. (TSX: NB) – the listed property and casualty primary insurance arm of the Fairfax group – increased net earnings by 250% to $57.5 million for the second quarter of this year compared with the $16.4 million…

News InsuranceMergers and Aqcuisitions

Insurers respond to New Brunswick bill

August 1, 2003 by Canadian Underwriter

Responding to the amendment bill announced this week by the New Brunswick government to the province’s Insurance Act – which primarily presents insurers with an August 15 ultimatum to file for lower auto insurance rates or face immediate across-the board…

News InsuranceMergers and Aqcuisitions

New Brunswick presents insurers with stiff ultimatum

July 31, 2003 by Canadian Underwriter

In its first “throne speech” since the recent provincial election, New Brunswick’s Conservative Party (CP) government announced a legislative amendment to its Insurance Act which will require all registered insurers to file for new auto rates by August 15 of…

News Insurance

S&P lowers rating on Swiss Re

July 31, 2003 by Canadian Underwriter

Standard & Poor’s Rating Services (S&P) has lowered the financial strength rating on Swiss Reinsurance Co. and its operating subsidiaries to “AA” from “AA+”. The rating agency’s outlook on the reinsurer is stable.S&P says the rating downgrade resulted from Swiss…

News Insurance

Kingsway sues over American Country reserves

July 30, 2003 by Canadian Underwriter

Kingsway Financial Services Inc. has launched a lawsuit against the former directors and auditors of its recent acquisition, American Country Holdings Inc. Kingsway alleges the directors, along with Pricewaterhouse Coopers LLP and Miller, Herbers, Lehman & Associates Inc. understated the…

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IBC unhappy with draft auto theft program

July 29, 2003 by Canadian Underwriter

A new regulatory framework for electronic vehicle immobilization from Transport Canada is drawing criticism from insurers. The Insurance Bureau of Canada (IBC) says the program is flawed and will be a step back in the fight against vehicle theft.The regulation…